(Newser)
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A range of factors led to the housing crisis that dragged the economy into the toilet—but President Bush’s philosophy likely played a key role in the collapse, reports the New York Times. Dozens of interviews point to both Bush’s drive to expand homeownership and his steadfast belief in minimal market regulation as central factors in the crisis, the Times reports.

“The Bush administration took a lot of pride that homeownership had reached historic highs,” said former Treasury secretary John Snow. “But what we forgot was that it has to be done in the context of people being able to afford their house.” As trouble mounted, Bush aides were slow to recognize it, ignoring experts’ advice. “The result was a series of piecemeal policy prescriptions that lagged behind the escalating crisis,” the Times notes.

The derivatives market is the cause-and the reason for the bailouts-in this crisis. There is blame to go around, but the vast majority of it stems from Reagan's philosophy of deregulation. We have deregulated every industry over the past 30 years, and foxes have been in charge of the henhouse to long. I blame Clinton too, but Newt and his boys, then Bush and his boys have been clearly running the show for a very long time. They were just hoping it wouldn't all come tumbling down before Bush was gone. This is what happens when you work so hard to destroy the government. Why does Bush hate America?

John

Dec 22, 2008 1:20 AM CST

I like the way republicans can reinvent history. By the way, the Community Reinvestment Act had nothing to do with this mortgage mess. You all are just looking for another way to keep the poor, poor!! Shame on you.